Tax Planning & Compliance
Best Practices for Foreign Companies Establishing a U.S. Presence and Hiring U.S. Employees
Foreign companies entering the U.S. have a lot to consider from a tax, accounting, and legal perspective prior to commencing operations in the U.S. Because establishing a legal entity can take time to complete, with multiple steps and potential bottlenecks to accommodate, AAFCPAs advises that clients understand the timeline and plan accordingly. The first step […]
TerrAscend Corp. Joins Other Operators Changing 280E Tax Position
AAFCPAs would like to make cannabis clients aware that TerrAscend Corp., in its fourth-quarter earnings call, announced it would no longer be making tax payments under Section 280E of the Internal Revenue Code. The company’s Chief Financial Officer noted its legal basis in doing so comes from a legal interpretation based on a similar position […]
CARM Set to Transform Canada Imports
AAFCPAs would like to make clients aware of a significant new requirement related to Canada customs. The Canada Border Service Agency (CBSA) Assessment and Revenue Management (CARM) is a new initiative, which is expected to notably transform how importers interact with Canada Customs. Importers should be aware that CARM will shift financial liability to the […]
Los Angeles and San Francisco City Taxes Due
While most taxpayers are focused on federal and state tax obligations, city taxes can often slip under the radar, leading to potential oversights. AAFCPAs would like to make clients aware that two California city taxes affecting businesses in Los Angeles and San Francisco are due February 29, 2024. Los Angeles City Tax This is a […]
AAFCPAs’ Tomás Pueyo Provides NBC Boston Viewers with Tax Insight
NBC Boston (January 30th, 2024) – In an interview for NBC Boston, Tomás A. Pueyo, Jr., CPA, MSA provided insight on how taxpayers can make the most of their returns. Things like charitable donations, home improvements or rent can all mean deductions or credits on your taxes. Tomas is a member of AAFCPAs Commercial Tax […]
Tax Season Brings Rise in Cyber Crime
Cybercriminals are looking for ways to capitalize on tax season, with scams on the rise as businesses and individuals prepare to file returns. This means the simple act of opening an email or answering a call could put you at risk of identity theft or return preparer fraud. Making matters worse is a rise in […]
New Tax Relief Bill Could Affect 2023 Filing Season
A bipartisan deal known as the Tax Relief for American Families and Workers Act of 2024 could offer a last-minute extension for previously expired tax credits and breaks. If passed, provisions could affect the current 2023 filing season. Update 2.1.24: Last night, the U.S. House of Representatives passed a bipartisan $70 billion tax relief package. […]
New Bill Could Amend ERTC Due Date
AAFCPAs would like to make clients aware of a new bill that has reached congress titled The Tax Relief for American Families and Workers Act of 2024, a vote for which is anticipated by January 31, 2024. If passed, this bill could amend the due date of Employee Retention Tax Credit (ERTC) filings to January […]
Nonprofit Challenges in Navigating Tax Issues
Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]